Interest on debts

4.9.0 Updated on:

When?

If you have won your claim for money owed to you or for damages in either the Petty Debts Court or the Royal Court, you can ask the Court for interest to be added to the amount owed to you.

Who decides?

The Court decides whether to award interest and if it does, the interest owed will be worked out or calculated from the date when the money should have been paid up until the time you are given judgement and have won your case. The Court Order will show how the total amount that the debtor must pay is calculated.  The interest continues to be applicable until a set date or until the judgment is satisfied.

When interest rates are low and the amount of the debt small, it might not be worthwhile going back to court as the fees to take the case back to court might be more than the interest which is received.